The strong economy is one factor that is encouraging people to emigrate to Australia.
07 October 2009
Australian dollar posts new 14-month high, economy strong
The Australian dollar closed higher today after a surge in equities in afternoon trading propelled the currency towards US89 cents.
During the day, the currency moved between $US0.8869 and $US0.8913, and after the local market it touched a 14-month high of $US0.8924.
The result is the currency's highest level since it reached $US0.8952 on 11 August last year.
Experts have attributed the result to the supporting of the Australian dollar during the overnight session with a positive finish on Wall Street and as offshore investors reacted positively to the Reserve Bank of Australia's (RBA) decision to lift interest rates.
The Australian economy has defied the recession, with international data confirming that the Australian economy is among the strongest in the developed world showing modest growth rather than recession and a low unemployment rate.